Finance news

• Argentine court probes ex-president Fernandez over new case: media

  02-05-2016 23:57 via news.yahoo.com
  
  An Argentine court has asked a judge to look into accusations of illicit enrichment against leftist former President Cristina Fernandez, state press agency Telam reported on Monday. Fernandez, who left office in December after eight years and was replaced by center-right Mauricio Macri, has already been accused of money laundering and overseeing irregularities at the central bank while she served. Fernandez is a divisive figure, revered by many for generous welfare programs and reviled by others
  
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• Q&A: Puerto Rico's debt crisis, what it means for muni bonds

  02-05-2016 23:11 via news.yahoo.com
  
  NEW YORK (AP) — Puerto Rico's worsening debt crisis is dimming the economic outlook for the U.S. territory and putting pressure on Congress to help resolve the situation but it is having little effect on the market for municipal bonds and most investors.
  
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• Wall St. rebounds; Nasdaq breaks seven-day losing run

  02-05-2016 22:48 via news.yahoo.com
  
  (Reuters) - U.S. stocks rose on Monday, rebounding from losses last week, as financials gained with Berkshire Hathaway and weakness in the dollar eased worries about earnings for multinationals.
  
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• Wall Street rebounds; Nasdaq breaks seven-day losing run

  02-05-2016 22:44 via news.yahoo.com
  
  U.S. stocks rose on Monday, rebounding from losses last week, as financials gained with Berkshire Hathaway and weakness in the dollar eased worries about earnings for multinationals. The Nasdaq snapped a seven-session losing streak, though Apple fell for an eighth straight session, its longest run of losses since mid-1998. Amazon shares jumped 3.7 percent to $683.85, giving the S&P 500 and Nasdaq their biggest boosts, while both the consumer discretionary sector and staples gained more than
  
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• Global stocks rise, bond prices fall on investor optimism

  02-05-2016 22:36 via news.yahoo.com
  
  By Dion Rabouin NEW YORK (Reuters) - A weakening U.S. dollar and optimism that commodity prices will steady boosted global stock markets on Monday, pushing down U.S. Treasury prices. "I think we are at a turning point" in sentiment, said Bernard Baumohl, managing director and chief global economist at the Economic Outlook Group in Princeton, New Jersey. Baumohl expects to see improved earnings and sales starting in the second quarter, and some investors are already trading on that optimism.
  
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• Clinton courts Appalachian voters in early nod to Trump fight

  02-05-2016 22:04 via news.yahoo.com
  
  By Emily Stephenson and Amanda Becker WASHINGTON (Reuters) - U.S. presidential candidate Hillary Clinton talked to steel workers in the Appalachian region about their economic struggles on Monday, as she tried to win over blue-collar voters in a part of the country where support for Republican Donald Trump is strong. Turning her attention beyond the Democratic Party nomination fight to a possible match-up against Trump on Nov. 8, Clinton met union leaders and some of the 600 workers who were lai
  
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• Q&A: Puerto Rico's debt crisis explained

  02-05-2016 20:40 via news.yahoo.com
  
  NEW YORK (AP) — Puerto Rico's worsening debt crisis is dimming the economic outlook for the U.S. territory and putting pressure on Congress to help resolve the situation but it is having little effect on the market for municipal bonds and most investors.
  
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• Goldman Sachs could benefit from buying E*Trade: CLSA

  02-05-2016 20:31 via news.yahoo.com
  
  (Reuters) - Goldman Sachs Group Inc could benefit if it expanded its traditional banking by acquiring online brokerage E*Trade Financial Corp given the Wall Street bank's revenue has been largely flat this decade, said CLSA analyst Mike Mayo. Goldman would gain from increased deposits, freeing up of excess capital that is otherwise trapped and vitality to revenue growth, the veteran banking analyst wrote in a client note. The bank, which carries out consumer, corporate and private banking throug
  
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• Global stocks, Treasury yields gain on investor optimism, factory data

  02-05-2016 20:30 via news.yahoo.com
  
  A weakening U.S. dollar and optimism that commodity prices will steady boosted global stock markets on Monday, while U.S. Treasury yields climbed after data showed that the U.S. manufacturing sector had expanded. "I think we are at a turning point" in sentiment, said Bernard Baumohl, managing director and chief global economist at the Economic Outlook Group in Princeton, New Jersey. The MSCI's measure of world stock indexes edged up in afternoon trading, overcoming losses in Japan and China.
  
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• U.S. manufacturing shows signs of stability as export orders rise

  02-05-2016 20:23 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. factory activity expanded at a more moderate pace in April due in part to a slowdown in new orders, but a rise in export orders to a near 1-1/2-year high and signs an inventory overhang drag was fading offered hope for the manufacturing sector. Another report on Monday showed construction spending rose to an 8-1/2-year high in March and the prior month's outlays were revised higher, implying a small upward revision to the first quarter's pedestrian g
  
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• Baker Hughes tries to reassure investors as Halliburton deal fails

  02-05-2016 19:15 via news.yahoo.com
  
  Baker Hughes Inc sought to reassure investors on Monday by announcing a $2.5 billion (1.70 billion pound) plan to buy back stock and pay down debt, using the breakup fee it will receive following the collapse of its long-stalled takeover by fellow oilfield services provider Halliburton Inc . Wall Street analysts said Halliburton should be in better shape than Baker Hughes but praised Baker Hughes' plan to cut annual costs by some $500 million in an oversupplied market while repurchasing shares.
  
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• Atlantic City, N.J., avoids default on bond payment

  02-05-2016 18:28 via news.yahoo.com
  
  Atlantic City, New Jersey's cash-strapped gambling hub, avoided a default on Monday by making its $1.8 million debt service payment, Mayor Don Guardian said. It has lost nearly 70 percent of its property tax base since 2010 as casino values plummeted because of competition from neighboring states. "If we didn't make our bond payment it would be detrimental (to everyone), including us," Mayor Don Guardian said at a press conference.
  
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• Wall Street higher as financial, consumer stocks rise

  02-05-2016 17:59 via news.yahoo.com
  
  Wall Street was higher in mid-morning trading on Monday, helped by a rise in financial and consumer discretionary stocks. Wall Street closed lower on Friday, with U.S. stocks marking their largest weekly drop in more than two months as corporate earnings continued to disappoint. "Given how strong we started out, I think we are going to flatten out for the rest of the day and trade sideways." At 11:05 a.m. ET (1505 GMT) the Dow Jones industrial average was up 64.44 points, or 0.36 percent, at 17,
  
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• U.S. economy seen growing at 1.8 percent in second quarter: Atlanta Fed

  02-05-2016 17:55 via news.yahoo.com
  
  NEW YORK (Reuters) - U.S. economy is on track to grow by a 1.8 percent annualized rate in the second quarter, unchanged from its estimate on Friday, Atlanta Federal Reserve's GDPNow forecast model showed on Friday. (Reporting by Richard Leong)
  
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• Investors may have profited from leaked U.S. data: ECB research paper

  02-05-2016 17:49 via news.yahoo.com
  
  Investors earned millions of dollars in profits from correctly betting on market moves ahead of sensitive U.S. economic data, suggesting leaks of key indicators, a European Central Bank research paper said on Monday. Studying moves in the case of 21 market-moving indicators between 2008 and 2014, 11 showed some pre-announcement price drift consistent with the announcement surprise, with seven of them indicating substantial moves, the authors said in the paper, which does not necessarily represen
  
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• U.S. stocks, yields gain on hopes for stronger growth

  02-05-2016 17:31 via news.yahoo.com
  
  U.S. stocks rose on Monday as a weakening dollar and steadying commodity prices shifted investor sentiment from weak earnings and poor economic data in the first quarter to optimism about the second, also pushing U.S. Treasury yields higher. "I think we are at a turning point," said Bernard Baumohl, managing director and chief global economist at the Economic Outlook Group in Princeton, New Jersey. The MSCI's measure of world stock indexes was flat after being dragged lower overnight by losses i
  
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• Great Smoky Mountains National Park 2015 benefits released

  02-05-2016 17:30 via news.yahoo.com
  GATLINBURG, Tenn. (AP) — The National Park Service says Great Smoky Mountains National Park provided nearly $874 million in economic benefit to communities near the park last year and supported more than 13,000 jobs in the area.
  
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• Wall St. higher as financial, consumer stocks rise

  02-05-2016 17:29 via news.yahoo.com
  
  Wall Street closed lower on Friday, with U.S. stocks marking their largest weekly drop in more than two months as corporate earnings continued to disappoint. At 11:05 a.m. ET the Dow Jones industrial average was up 64.44 points, or 0.36 percent, at 17,838.08, the S&P 500 was up 5.92 points, or 0.29 percent, at 2,071.22 and the Nasdaq Composite was up 1.17 points, or 0.02 percent, at 4,776.53. Eight of the 10 major S&P sectors were higher, with the consumer discretionary index's 0.69 perc
  
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• Ferrari nudges up earnings view, Marchionne becomes CEO

  02-05-2016 17:25 via news.yahoo.com
  
  Italian luxury carmaker Ferrari on Monday nudged up its full-year earnings forecast after a stronger-than expected first quarter, helped by higher shipments and better margins. Ferrari , spun off from Fiat Chrysler Automobiles at the start of the year, also said Chairman Sergio Marchionne would take over as chief executive as well, following Amedeo Felisa's decision to retire. The move, effectively immediately, had been expected, with sources close to the matter saying it would make little diffe
  
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• Greenpeace publishes confidential U.S.-EU trade deal documents

  02-05-2016 16:13 via news.yahoo.com
  
  By Caroline Copley BERLIN (Reuters) - A sweeping free trade deal being negotiated between the European Union and the United States would lower food safety and environmental standards, Greenpeace said on Monday, citing confidential documents from the talks. While it would not comment on the "validity of alleged leaks," a spokesman said "the interpretations being given to these texts appear to be misleading at best and flat-out wrong at worst." Greenpeace opposes the proposed Transatlantic Trade a
  
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• MIDEAST STOCKS-Gulf markets fall; Emaar Properties drops after earnings

  02-05-2016 16:04 via news.yahoo.com
  * Petchems lead Saudi market down * Dubai Financial Market sinks after earnings * GFH rises on letter of intent with Eshraq * Abu Dhabi's TAQA outperforms on asset sale hope * Qatar's Ezdan falls after Q1 costs increase By Andrew Torchia DUBAI, May 2 (Reuters) - Stock markets in the Gulf fell on Monday after oil prices pulled back and Dubai blue chip Emaar Properties dropped following the release of its first-quarter earnings. Saudi Arabia's index slipped 0.6 percent as petrochemical shares in p
  
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• Wall St. little changed on weak manufacturing data

  02-05-2016 16:02 via news.yahoo.com
  
  Investors have been keeping a sharp eye on data after the U.S. Federal Reserve held monetary policy steady last week, and gave no signals that it was in a hurry to tighten further. Wall Street closed lower on Friday, with U.S. stocks marking their largest weekly drop in more than two months as corporate earnings continued to disappoint. "I suspect for some stability to come in after the selloff in the last couple of days," said Andre Bakhos, managing director at Louisville, Kentucky-based Janlyn
  
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• Wall St set to open higher as investors await data

  02-05-2016 15:05 via news.yahoo.com
  
  Wall Street was set to open slightly higher on the first trading day of the month on Monday as investors await manufacturing data to further assess the health of the world's largest economy. Investors have been keeping a sharp eye on data after the U.S. Federal Reserve held monetary policy steady last week, and gave no signals that it was in a hurry to tighten further. Wall Street closed lower on Friday, with U.S. stocks marking their largest weekly drop in more than two months as corporate earn
  
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• Pakistan shares end lower; rupee gains, o/n rates fall

  02-05-2016 14:13
  
  KARACHI, May 2 (Reuters) - Pakistani stocks ended lower on
  Monday with oil shares falling as global oil prices eased
  slightly and on profit-booking in banks, dealers said.
  
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• Low oil prices offer chance to spur G7 energy transition: Canada

  02-05-2016 13:57 via news.yahoo.com
  
  By Osamu Tsukimori KITAKYUSHU, Japan (Reuters) - Energy ministers of the leading Western economies are discussing ways to create opportunities from the oil slump that include a push for more electric vehicles, Canadian Natural Resources Minister Jim Carr told Reuters on Monday. Members of the G7 include major auto-producing countries such as Japan and Germany, which benefit from cheaper oil but have been hit by fuel consumption and emissions scandals. For G7 member Canada, a major oil and natura
  
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• Europe stocks rally, shrug off Japan-led Asia losses

  02-05-2016 13:40 via news.yahoo.com
  
  European shares rallied Monday in holiday-thinned trading ahead of key US and eurozone data despite a sharp drop in Tokyo as a surging yen hit exporters. Frankfurt and Paris pushed slightly higher after ending last week deep in the red as markets eyed possible clouds looming on the global economic horizon and digested a shock decision in Japan. Tokyo stocks plunged more than three percent leading a sell-off across Asia, also in limited holiday trades, after the Bank of Japan surprised markets by
  
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• U.S. companies starting to see relief from pains of strong dollar

  02-05-2016 13:33 via news.yahoo.com
  
  The sluggish U.S. economy is proving to be a relief for U.S.-based companies struggling under the weight of the strong dollar and could lead to more positive earnings surprises in the weeks ahead. Companies including Whirlpool Corp , Johnson & Johnson , and Xerox Corp have told investors over the last two weeks that they see the pain from the dollar's two-year rally easing, allowing them in some cases to beat earnings estimates and raise their outlooks for the rest of the year. Less well-kno
  
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• Sensex ends lower on tepid earnings, economic data

  02-05-2016 13:02 via news.yahoo.com
  
  MUMBAI (Reuters) - Indian stock markets ended lower on Monday following a spate of disappointing corporate results, including from InterGlobe Aviation, and after a business survey showed manufacturing growth fell its lowest in four months. The Nikkei/Markit Manufacturing Purchasing Managers' Index fell to a four-month low of 50.5 in April from 52.4 in March. The broader NSE Nifty fell 0.56 percent to 7,805.90 points. The index hit its lowest since April 13 earlier in the session. The benchmark B
  
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• Sluggish factory activity sets global tone for second quarter

  02-05-2016 12:14 via news.yahoo.com
  
  BENGALURU/SYDNEY (Reuters) - Asian factories barely grew in April and those in the euro zone did little better despite heavy discounting, setting a sluggish tone on Monday for the global economy in the second quarter. Japanese manufacturing activity shrank last month at the fastest pace in more than three years as major earthquakes disrupted production, while the former bright spot of India sank to a four-month trough and growth in China was all but flat. With manufacturing dogged by insufficien
  
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• Asian markets start week lower; Tokyo slumps 3 percent

  02-05-2016 08:58 via news.yahoo.com
  
  SEOUL, South Korea (AP) — Asian stock markets fell Monday as investors registered their disappointment over the lack of fresh stimulus from Japan's central bank. The surge in the Japanese yen and bleak readings from a monthly factory managers' survey did little to lighten the gloom.
  
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• BUZZ-Dubai's Emaar Properties rises on Q1 earnings

  02-05-2016 08:15 via news.yahoo.com
  May 2 (Reuters) - ** Shares in Emaar Properties rise 0.9 percent to 6.70 dirhams in opening minutes ** Company reported 17 percent increase in first-quarter net profit to 1.21 billion dirhams ($330 million); SICO Bahrain had forecast 1.22 billion dirhams ** Deutsche Bank slightly raised target price for stock to 10.70 dirhams from 10.50 dirhams, with "buy" rating ** Faces strong technical resistance around 7.00 dirhams, where stock peaked in October and April ** Dubai stock index edges down 0.1
  
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• MIDEAST STOCKS-Dubai may be supported by Emaar Q1, most of Gulf consolidate

  02-05-2016 07:34 via news.yahoo.com
  Dubai's stock market may be supported on Monday by strong earnings at its largest listed property developer, while other Gulf markets may trade narrowly. Brent futures have pulled back 1.2 percent to $46.81 per barrel in early Asian trade, but in recent days changes in oil prices have had little effect on Gulf stock markets as they turn their focus to earnings and economic reforms. "We expect headwinds to near-term earnings to remain realtively strong, and our main concern is asset quality trend
  
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• Turkey - Factors to Watch on May 2

  02-05-2016 07:12 via news.yahoo.com
  ISTANBUL, May 2 (Reuters) - Here are news, reports and events that may affect Turkish financial markets on Monday. The lira stood at 2.7937 to the dollar at 0512 GMT, little changed from 2.7945 at the end of Friday. The benchmark 10-year bond finished spot trade at 9.28 percent on Friday and was at 9.23 percent in Monday-dated trade. The main share index fell 0.18 percent to 85,327.8 points on Friday. GLOBAL MARKETS Asian shares fell on Monday, uninspired after a downbeat day on Wall Street and
  
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• Japan's Nikkei leads losses in limited Asian trade

  02-05-2016 05:07 via news.yahoo.com
  
  Tokyo stocks plunged more than three percent as a surging yen hit exporters on Monday, leading a sell-off across Asia in holiday-thinned trade and after worries about the global economy fuelled sharp losses in New York and Europe. The losses in Tokyo come after the Bank of Japan's shock decision Thursday not to unveil any fresh stimulus, while US data also left dealers disappointed. By the break Japan's Nikkei was down 3.6 percent, while Sydney shed more than one percent and Wellington 0.4 perce
  
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• Brazil's Rousseff ups social spending as Senate ruling looms

  02-05-2016 03:09 via news.yahoo.com
  
  Brazil's beleaguered President Dilma Rousseff on Sunday vowed to raise spending on her party's signature anti-poverty program in an appeal to her political base, warning that her opponents would slash social expenditure if she is stripped of office. Left-leaning Rousseff, speaking at a Labor Day rally in the industrial heartland of São Paulo, said her ouster by the Senate next month would open room for a dismantling of labor rules that protect millions of workers in Latin America's larges
  
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• Australia inflation gauge stays subdued in April-MI

  02-05-2016 03:00
  
  SYDNEY, May 2 (Reuters) - A private-sector gauge of
  Australian consumer prices showed inflation slowed further in
  April despite a pick up in petrol and heath care costs,
  underlining the case for a...
  
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• Asian shares slip, Nikkei skids on yen strength

  02-05-2016 02:45 via news.yahoo.com
  
  By Lisa Twaronite TOKYO (Reuters) - Asian shares fell in early trading on Monday, with Japan's Nikkei plunging after the dollar notched a fresh 18-month low against the yen. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3 percent, after Wall Street marked losses after a spate of disappointing earnings. Japan's Nikkei stock index skidded 3.8 percent in early trading, as investors reacted to the yen's galloping gains.
  
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• Ambitious new bankruptcy code may take years to clean up India's debt mess

  02-05-2016 01:00
  
  * Bankruptcy code likely to get parliament nod soon -
  officials
  
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